YouSaid · the spoken record

Sean Dobson

lines on the record: 117
first: 2024-03-07
most recent: 2024-03-07
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“In and out of the real time physical occupancy data. And it's not perfect, like no data set is, but it's pretty startling. The last time I looked at it. Most markets are peaking at 50% physical occupancy.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the castle data is pretty fascinating, and you can get it on your Bloomberg terminal, the castle Occupy data. As we talked about before, by the way,”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Dallas back in the 80s. And Dulles, the whole Washington Dulles corridor was full of see-through. Right. See through buildings.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Relative value to where on a hedge adjusted basis, if you looked at a mortgage and you sort of get it back to where it's got the same risk as a treasury, it was yielding almost half a percent less than a treasury. They normally yield half a percent more. Now they yield 1% more. So in fixed income terms, that's a lot. So now we're really focused on mortgages. We're way more active than we have been in the past, and we're excited about the opportunities there. And we have a commercial mortgage lending strategy as well.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, they cared what the lower mortgage rate did to the economy. So as a person that's just investing for an economic return, you can't compete with that, right? So their motivations were totally different. And they basically drove down.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what I would say is that they were investing for a non monetary focus or motivation. They didn't care what their return on the mortgages were.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“This is the largest debt capital market in the world, the largest, most liquid, and it's lost its sponsor. So the sponsor went from being the big investment banks, the government agencies, the big bank balance sheets, a lot of the insurance company balance sheets, and the money managers, the Fed displaced all of them. Then they changed regulations to where the investment banks can't really step in. The agencies are no longer allowed to run balance sheets. The REITs are not really well positioned to step up in the size as we just saw in the fourth quarter. So there's a real lack of sponsorship of the assets, and they've become incredibly attractively priced. So we've been ginning back up those strategies. We've always run strong in that space, but they've been very sort of boring strategies index tracking, index outperformance, that kind of thing. But now there's opportunity to really go in and build proper hedge fund strategies, proper total return strategies, the relative value is sort of startlingly attractive now.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“As part of just the frustration with how much intervention had sort of driven down value in that space, well, now that's completely reversed, and there's a real vacuum today, a real vacuum. As the Feds stopped buying mortgages, they bought a third of the whole market. When they stopped buying them, I think the belief was that the market would get back to its regularly scheduled programming and the traditional investors would show up to buy them. And they didn't because a lot of those traditional investors don't exist anymore.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's great that you ask about it. So the bulk of my career was spent in the mortgage-backed securities and structured products markets. The single family rental business kept us very busy while the Fed was monetizing so many mortgages. So as you know, they own about a third of all mortgages that were ever issued. The relative value for non government investors was so bad that we wound down a lot of our capabilities in that space. We actually sold our investment bank to Banco Sant”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So those teams during COVID, man, they stood up and they went out and they made us so proud. They provided service to the residents. They finished construction jobs. They got homes back in service so people could move out of wherever they were and get into a home. So it's been fascinating to watch this business run through a crazy COVID cycle and then a crazy post-COVID cycle and now an interest rate cycle. The team has had to be pretty nimble”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't get it. So it's coming along. If I can get direct cell phone connections to a high water alarm, I would take it. But really what we have is a person go out there and look and touch the property eight times a year. And that's how we do it. A lot of this is not so complicated. But we have through COVID was fascinating because that field team and we have a big construction management team. So these guys, those 50,000 homes have all been renovated.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So we are looking at there's locks now you can buy that have little cell phone So we may look at things like that. But at this point, we have so many people on the field. We're touching the houses six, eight, nine times a year. We have good relationships with our residents. A lot of that stuff is a little bit of pizzazz. And we see... There are people charging residents $50 a month for electronic door lock or something. We don't think that that's sustainable. That's a $50.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Like a high water alarm, that sort of thing. So we're still on their network. So that technology for us to go at it stronger, we would like for those devices to communicate back to us. Directly.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“We spent a lot of time on it. There's big privacy concerns. So we have families. We have 50,000 families living in their homes, and they're their homes, and we're proud to be part of that process. So, you know, a lot of that stuff gets a little creepy to us. And so we haven't done that. Well, there's a difference between.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“And it causes our drive times to be higher. But one of the things that we went into this, that was one of the big questions could you provide good service and could you manage it? And we don't get it right all the time. But if you think about the fact that how easy it is to get someone out to a home, and that's part of our filtering criteria of how we buy a home, but think about the fact that for $10, you can have dominoes bringing a pizza. And somehow that $10, they get the delivery person from their store to your home with a hot pizza and they were able to pay for the Super Bowl ad embedded in that $10 cost. Like the transportation cost to get people to and from these homes, it just isn't a barrier. It's really timing and technology to really to route them.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's complicated. So we have both an on balance sheet group of repairmen. So we're an investment management platform that also has trucks with plumbers, crews around the country, and fixing air conditioners. We also have a great vendor network, and we have a lot of technology that the team, as you mentioned, is about 1,500 people that are just in that single family rental platform. This is one of the things Amherst does. But that 1,500 person team is augmented by about 2,000 vendors of companies. And we're able to handle the properties because we have a team in the field. So we literally have a repair and maintenance team that's assigned to a group of homes. So that person has their 300 homes or something. And then they're part of a local team that's managing about 1,500 units. So it's not that different from how you would manage a multifamily in an apartment complex. It's just that the rooms are further apart, the units are further apart.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“But there's a one in something chance that the home price goes back, goes to $65. And if the home goes to $65, the loan is no longer going to pay off. So that was the sort of the thing that we built that people hadn't thought through, is how to use stochastically forecast a range of outcomes for the asset price, then how does it affect the repayment risk on the loan.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Real estate In recent decades. Right. So people think of home prices as being sort of four or five percent price movers per annum. And that's the case most of the time. But the problem is, we don't get to live most of the time, we get to live all the time. And so sometimes that 5% move can be 35% and 40%. So think about that 80% LTV mortgage. That doesn't seem like a risky loan. The borrower would put up 20%. The lender put up 80%.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So we manage the business for extreme shocks to prices for home prices moving 25 30 percent in a year for interest rates moving dramatically in a short period of time and we found that”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“The other thing is that, and I think it's our core risk management culture, is that we think that till risk is way more probable than everyone else does.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you had 5% losses on a market and the market was only 5% of a pool, the losses are going to be nearly zero, right? And we're like, yeah, except for none of that's going to happen this time. And they were like, sure, Sean, pat you on the head and send you down the road. So one of the problems is once you see something like that, you kind of look for them everywhere. So we spend our time, a lot of time looking for Sasquatch.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's infecting, I would say. So the problem for me, I'll speak for myself personally, in the financial crisis, is that once you find something like that, because literally we were saying to people, These loans aren't going to pay off in 2005, 2006. And they were like, Sean, in the worst of fault rate, it's been geographically focused, whether it was the Farm Belt crisis or the California crisis. So what are you talking about, national home prices going down? And oh, by the way, the defaults in those micro markets were 10 or 15 percent and the losses were 5%.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“We're running a 10 year Monte Carlo that's probably 20,000, 10,000 paths of outcomes on that asset. It includes all of its changes in its property taxes. It's depreciable life for the improvements of the assets. And then, of course, its revenue stream from rental demand.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“And God loved the analysts that have to figure out how to price these things with so little information. We have a hundred million items that we're following. There's 100 million pieces of real estate in the country. We've gathered up all the information you would need to do an appraisal and we keep that information current in real time. And we've automated the appraisal process for valuation, both intrinsic value, meaning like where would we pay it? Where would we buy it? And where is the fair market price that asset? From that level, from price and from consumer behavior now, so now we're watching the payments on every mortgage in the country. So you can see who paid, did Maryland do better than Texas last month? And more importantly, versus the model who outperformed, who underperformed because there's a schedule, there's an expectation for not everyone to pay every month.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“At the time, we can measure how consumers behave to changes in their economic environment. And that consumer behavior will affect home prices, it'll affect performance on credit. So that's the core competency, and it's just leveraged into if it's a loan, if it's a security background,”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. Amherst. It's interesting because today we talk about AI and high speed computing and I look at what we do as being comically simple compared to what we're talking about today with generative AI. But when we started this in the late 80s, that was the job I was pronouned into, which was, hey, let's figure out how to differentiate pricing from one mortgage pool to the next. They've got different interest rates. They've got different LTVs. They've got different credit scores. They must have different values. So I was part of a small, or our team was part of a small group of people tackling this problem in the late 80s, early 90s. And what we do today is just now a growth of that original project. So it's a quantitative analytics approach. It's highly data driven, but we need to know the price history for assets, the correlation to what drives price. And then we have a big consumer behavior modeling infrastructure because we have what's nice is that over the 30 years of our history, and then we purchase data that was probably 25 years old.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“We do so Amherst is completely vertically integrated. We own our own insurance platform. So we're the, we basically excess our coverage through the reinsurance markets. At our scale, it's hard to go get insurance through the normal channels. And so we set up our own insurance brokerage and risk retention platform. And now we insure through the reinsurance markets.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So in Houston, one year we got hit in Houston and in Florida at the same time two different hurricanes. So what's interesting is that now we have a natural disaster team and response unit and a playbook, which is a little bit unfortunate that you have to have that, but we use it every couple of years now. We tend not to invest when those markets are busted. We do see a lot of demand for our rentals because when a few percent of the housing stock gets taken offline for a storm, it creates pressure on demand. But now our job is just to go in there and get the homes fixed as fast as we can and get them back into service.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Just too much mayhem. Well, we've been hit by hurricanes several times, flood several times, tornadoes several times, given that the homes are in 30 markets. The good news is no one event has a big impact on the portfolio. The bad news is all events you get to experience. You're diversified.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“We do sell. We do, the platform is pretty nimble. So if, for example, we were talking before the show, we were talking about how some markets, it really benefited from the post-COVID migration. And it's changed their customer base dramatically. So think about Naples, Florida, and Clearwater and those types of places. So in those places, home prices since pre-COVID are up maybe 40, 50% and rents are up 20, 25%. So they really don't really make much sense anymore as a rental investment. So we're cleaning those homes back up and selling them back to the consumers. So that's an active part of portfolio trimming and optimization. And it's cool to have the capability to sort of execute in both markets.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“On top, or a third one, we bought a lot of roofs. We buy a lot of HVACs. We take out a lot of compressors that are still running on those old toxic gases. So we basically bring the home up to a current minor standard. And there's a profit in that. The home you get paid to go and improve a piece of real estate.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“With a smudge paint or a stained floor or old countertops or appliances that may make noises at night or that bathroom set that leaks and whatever. And so people just get comfortable in their homes and they tend not to reinvest in real time on keeping that home up to current market standards. So we buy those homes that haven't really been touched in 15 or 20 years. They've still got the original builder interior. We make sure that, of course, that the bones of the house are good, the foundation and the walls and so forth. But then we pretty much trip them down to, I wouldn't say down to the studs, but down to the sheetrock. And put a brand new interior in on. Oftentimes, people don't buy a roof, they'll let the roof go longer than maybe.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“What we'd like to say is it's deferred CapEx. So you'll find that owners that have owned the home for $10, $15, 20 years become pretty comfortable.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the platform serves about 50,000 units now. So we've purchased, and most of the homes were purchased one at a time. Independent due diligence, independent construction management to get the home back up to current market standards. And we manage each home independently.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's high patient. It's super sophisticated. Their asset allocation model driven folks. The bulk of our investors are investing on behalf of consumers, on behalf of taxpayers. So we're partners with the state of Texas, the actual state of Texas, not one of the pension funds, but the state itself. So we have a lot of sovereign wealth fund types that are investing on behalf of taxpayers. So it's very long dated capital. lower risk tolerance, I would say, very high standards on quality of service and quality of infrastructure and decision making. So we're very proud that we're a partner to that type of capital.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. Over the years, we've migrated really to what I would say is the largest customer base in the world, the largest single investors. So we do business with most of the sovereign wealth funds, most of the big US national insurers, global insurers, the largest pension funds. And we try to position ourselves as an extension of their capabilities. And since we're smaller, more nimble, we can kind of get in there and do some of the gritty things, the smaller things, imagine setting up a platform within 32 markets that has to buy each individual home and execute a CapEx plan on a $30,000, $40,000 CapEx plan on a home. So these large investors need someone like us to kind of make things investable in scale. And so that's where we've been. So it's all institutional investors. It's the call it 500 largest investors in the world.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Used to, you would say you would pay 1% more or 2% more. Now he said So that's how we said, okay, well, how's this going to work? And we had seen this movie before aggregating mortgages, strapping services on them, getting them rated, getting them available to the capital markets. So we also saw the conflicts and the frictions of the mortgage market when it went under duress, the problems with getting service to the consumers, the problem with getting service to investors, the litigation. A lot of people don't know it, but we represented a large swath of U.S. investor base in their litigation for buying these busted securities. So we said, you know what? Let's just build under one platform everything you need to originate, manage service, aggregate, and then long-term service these homes on behalf of the residents and the investors. So that's the single family rental platform we built.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Not going to say there is some good subprime loans and some bad subprime loans. They're just going to draw a line and say you have to have a credit score above a certain level. You have to have income above a certain level. You have to have a debt load below a certain level. Or the price for you is zero. The answer is no.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“The barrier to entry to getting a mortgage became irreversibly higher. And we spend a lot of time, so you mentioned my time in DC. I got to go and brief the Federal Reserve, which is kind of cool. I got to go into the FOMC room and I got to sit with Yellen and Bernacki and walk him through kind of, in our view, how we got here and the best way out. And I asked them not to shut down the subprime mortgage market because it does serve a large swath of the American public who has a slightly higher rent-to-income or debt-to-income ratio or has defaulted on a credit card in the past or something, but they can pay. They've had a problem in the past. They've cured it. Well, those people now are pretty much blocked out of the mortgage market. So I was unsuccessful in talking people, and still to this day, unsuccessful into talking to people to get back into lending to lower credit quality consumers because you can do it. You can risk base pricing. So we took the view like, hey, that market's not coming back. People are not going to listen to us.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So they're kept and leased out. And so starting in 2009, there was no flip market. There was no one to sell them to because the mortgage market had basically closed on a large section of the consumer base. So think about.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Which we spent our whole careers turning a $300,000 mortgage investable in the global capital markets. So we said, okay, this is probably not a long putt for us because we've been following the mortgage with all this minutia for 30 years. Now we're just going to follow the house the same way. So we took our same analytic and modeling team and we said let's press down one more level so we can actually price the home instead of the mortgage with precision. And then let's set up an operating capability that allows us to acquire the homes, renovate the homes, manage the homes, and then more importantly scale the homes into an investable pool. So we created pools of homes just the same way we created pools of mortgages in 1989.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“What I can tell people is that one person's default you have, you can handle, but when seven or eight million people default, we don't have debtors' prisons, right? Their recourse. They're not recourse. So in this context of a mortgage now being clear to everyone that this default risk is present, it's real, and it's hard to price because following the borrower's economic profile, there are defaults that are related to just life events, but there's also defaults related to a macroeconomic event. So we took the position, you know what? Investors are not going to buy these loans anymore. The homes are here. And the job loss wasn't as big as the mortgage defaults were, right? So the people still had jobs. They still had revenue. And the homes were very affordable now because the prices have been reset. So we asked ourselves, okay, we've seen this movie before. Can we at Amherst make a $300,000 home investable to a global financial investor?”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what's going to happen? What's going to happen to the homes? And what's going to happen to the people that were living these homes? And what a lot of people, I think, didn't follow is that there was a concept that job losses called mortgages of phones. But in the Amherst view, a mortgage default can be rational, as distasteful as it may sound. And when I give this presentation in Europe or the EU or the UK, they look at me like you're crazy or in Australia or in Canada. They're like, what do you mean workers' recourse? And it's like, well”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I had a very good idea. So I have very good partners, very patient with me. And I said, okay, we don't think the subprime market market is coming back, which was a non-consensus view at the time. People were buying up mortgage originators and things, waiting for the machines to sort of get turned back on. We were thinking, this is investors are never going to buy these loans again at any price.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“But it takes that long for the losses to get through to the securities. And so I don't know if it's sort of just the fact that we're so myopic into the minutiae of each little detail, or if it's the fact that the market kind of doesn't want to buy an umbrella until it starts raining.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“Is affecting the market. It's affecting today's CPI numbers. The market doesn't do a great job of adjusting the real-time for information that they already have. So when the borrower hasn't paid in 12 months, probably not going to get back the loan, probably not going to start paying again. And then you can model up what happens, like what's the home going to sell for, what are my expenses to sell it for, how long it's going to take. And all of a sudden you have a loan that was worth $100 on the dollar. Now it's worth $30 on the dollar. And you knew that eight months into the loan or eight months or maybe a year ago or two years ago.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“That were the, you know, that obviously didn't come to fruition until the actual people could see the losses. So in mortgages, the borrower can stop paying maybe a year to two years before the lenders actually book a loss. So there's this great lag in housing.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So eventually, even that was gone, even that they wouldn't provide 90 day warranty. Eventually, it was take it cash for keys or cash carry. So like for us, it was weird, though, because the analogy I give is that in 2006 it happened. It was over first quarter of 2006, the market was over. The market kept issuing securities. And I think the analogy we think about is that if you're standing, if you're sitting in front of a bank and a van rolls up and people with masks run in and they empty out the bank and they leave with all the money, and you see it and then people keep coming and going from the bank for another year. You're like, you're making deposits. There's no money in that bank, right? And so we sort of felt pretty stupid for a while because we did a lot of losing trades in 2006.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“It was lonely. I tell you the analogy was something like this we had seen what had happened and by 2006 it was over, right? The mortgages were defaulting. People were taking out mortgages and defaulting in the third payment, the fourth payment.”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source
“So I lived in Washington, D.C. for five years. My family and I moved to McLean, Virginia in 2008. So we were down the street and we were in a pretty interesting situation because we were one of the biggest, if not the only, investment banks specializing in the core risk that the nation was facing. And we didn't need any help, right? So we weren't there looking for changing of a red cap of anything. We weren't looking for a bailout. We weren't looking for recapitalization or anything. We were just there as a source of information. So we met a lot of interesting people in DC. And it was the whole gamut. We were consulted on the recapitalization of Freddie Mac and Fanny. We participated in that with Treasury and FHFA and the regulators, the White House. And I would say that Washington was pretty interesting because we had gone and spoken to people in 25-2006. And to kind of let people know that there was something, this is a trillion dollars worth of mispriced risk, right?”
2024-03-07 · Masters in Business · Sean Dobson on the US Real Estate Industry · IDENTIFIED FROM THE TRANSCRIPT · source